India may get Rs 10 and 20 plastic currency notes from next year. Here's why
The Reserve Bank of India has begun preparations for a pilot of polymer banknotes by inviting global bids for substrate supply. The trial, likely to start with Rs 10 and Rs 20 notes, will shape any wider rollout.
India could see polymer, or plastic, currency notes in Rs 10 and Rs 20 denominations from next year, with the Reserve Bank of India (RBI) moving ahead with preparations for a pilot rollout by inviting global suppliers to participate in the first phase of the project.
According to official sources cited by ANI and Dainik Bhaskar, the RBI is expected to begin its pilot project with Rs 10 and Rs 20 notes. The decision on a wider rollout will depend on the outcome of the field trials, and if the testing is successful, a full-scale introduction could begin in 2027, Dainik Bhaskar reported.
As part of the process, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), the RBI's currency-printing subsidiary, has floated a Global Expression of Interest (EOI) inviting manufacturers worldwide to supply opacified polymer substrate sheets embedded with security features for printing Indian banknotes, ANI reported.
The EOI seeks an indicative quantity of 68,000 reams of Biaxially Oriented Polypropylene (BOPP)-based polymer substrate, with 34,000 reams each earmarked for two denominations. Each ream comprises 500 sheets. The substrate must include advanced security features such as a clear window with portrait, metallic numeral, magnetic pseudo thread, shadow image and iridescent pattern, suitable for printing at BRBNMPL and Security Printing and Minting Corporation of India (SPMCIL) presses, according to ANI.
The Indian Express reported that the global tender marks the start of the RBI's planned trial of polymer currency notes. The last date for submission of bids is August 18.
The tender document states that the current procurement is meant only for the immediate requirement and that larger orders covering more denominations are likely if the field trials prove successful, the Indian Express reported.
The procurement process also includes stringent security conditions. According to ANI and the Indian Express, bidders must ensure their operations in China or Pakistan are completely separated from India-related work, must not source raw materials from either country, and must not deploy personnel who have previously worked in China or Pakistan for the project. Companies from countries sharing a land border with India must also be registered with the Department for Promotion of Industry and Internal Trade (DPIIT) Registration Committee to be eligible.
Eligible bidders must have at least three years of experience supplying polymer substrates with security features to a central bank or banknote printing organisation and must be capable of supplying at least 20,400 reams, or 30 per cent of the indicative requirement, ANI reported. Applicants are also required to submit polymer sheet samples for laboratory testing, along with certifications that the material is free of animal tallow and DNA content.
The RBI has not officially announced the denominations for the pilot project. However, RBI Governor Sanjay Malhotra had said after the June monetary policy meeting that a proposal on polymer banknotes was under consideration and that the central bank was examining the advantages and feasibility before taking a final decision, the Indian Express reported.
Polymer banknotes, first introduced by Australia in 1988, are now used in more than 50 countries. They are considered more durable, more resistant to counterfeiting and have a longer lifespan than conventional paper currency, potentially reducing long-term printing costs and environmental impact.
India could see polymer, or plastic, currency notes in Rs 10 and Rs 20 denominations from next year, with the Reserve Bank of India (RBI) moving ahead with preparations for a pilot rollout by inviting global suppliers to participate in the first phase of the project.
According to official sources cited by ANI and Dainik Bhaskar, the RBI is expected to begin its pilot project with Rs 10 and Rs 20 notes. The decision on a wider rollout will depend on the outcome of the field trials, and if the testing is successful, a full-scale introduction could begin in 2027, Dainik Bhaskar reported.
As part of the process, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), the RBI's currency-printing subsidiary, has floated a Global Expression of Interest (EOI) inviting manufacturers worldwide to supply opacified polymer substrate sheets embedded with security features for printing Indian banknotes, ANI reported.
The EOI seeks an indicative quantity of 68,000 reams of Biaxially Oriented Polypropylene (BOPP)-based polymer substrate, with 34,000 reams each earmarked for two denominations. Each ream comprises 500 sheets. The substrate must include advanced security features such as a clear window with portrait, metallic numeral, magnetic pseudo thread, shadow image and iridescent pattern, suitable for printing at BRBNMPL and Security Printing and Minting Corporation of India (SPMCIL) presses, according to ANI.
The Indian Express reported that the global tender marks the start of the RBI's planned trial of polymer currency notes. The last date for submission of bids is August 18.
The tender document states that the current procurement is meant only for the immediate requirement and that larger orders covering more denominations are likely if the field trials prove successful, the Indian Express reported.
The procurement process also includes stringent security conditions. According to ANI and the Indian Express, bidders must ensure their operations in China or Pakistan are completely separated from India-related work, must not source raw materials from either country, and must not deploy personnel who have previously worked in China or Pakistan for the project. Companies from countries sharing a land border with India must also be registered with the Department for Promotion of Industry and Internal Trade (DPIIT) Registration Committee to be eligible.
Eligible bidders must have at least three years of experience supplying polymer substrates with security features to a central bank or banknote printing organisation and must be capable of supplying at least 20,400 reams, or 30 per cent of the indicative requirement, ANI reported. Applicants are also required to submit polymer sheet samples for laboratory testing, along with certifications that the material is free of animal tallow and DNA content.
The RBI has not officially announced the denominations for the pilot project. However, RBI Governor Sanjay Malhotra had said after the June monetary policy meeting that a proposal on polymer banknotes was under consideration and that the central bank was examining the advantages and feasibility before taking a final decision, the Indian Express reported.
Polymer banknotes, first introduced by Australia in 1988, are now used in more than 50 countries. They are considered more durable, more resistant to counterfeiting and have a longer lifespan than conventional paper currency, potentially reducing long-term printing costs and environmental impact.
India could see polymer, or plastic, currency notes in Rs 10 and Rs 20 denominations from next year, with the Reserve Bank of India (RBI) moving ahead with preparations for a pilot rollout by inviting global suppliers to participate in the first phase of the project.
According to official sources cited by ANI and Dainik Bhaskar, the RBI is expected to begin its pilot project with Rs 10 and Rs 20 notes. The decision on a wider rollout will depend on the outcome of the field trials, and if the testing is successful, a full-scale introduction could begin in 2027, Dainik Bhaskar reported.
As part of the process, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), the RBI's currency-printing subsidiary, has floated a Global Expression of Interest (EOI) inviting manufacturers worldwide to supply opacified polymer substrate sheets embedded with security features for printing Indian banknotes, ANI reported.
The EOI seeks an indicative quantity of 68,000 reams of Biaxially Oriented Polypropylene (BOPP)-based polymer substrate, with 34,000 reams each earmarked for two denominations. Each ream comprises 500 sheets. The substrate must include advanced security features such as a clear window with portrait, metallic numeral, magnetic pseudo thread, shadow image and iridescent pattern, suitable for printing at BRBNMPL and Security Printing and Minting Corporation of India (SPMCIL) presses, according to ANI.
The Indian Express reported that the global tender marks the start of the RBI's planned trial of polymer currency notes. The last date for submission of bids is August 18.
The tender document states that the current procurement is meant only for the immediate requirement and that larger orders covering more denominations are likely if the field trials prove successful, the Indian Express reported.
The procurement process also includes stringent security conditions. According to ANI and the Indian Express, bidders must ensure their operations in China or Pakistan are completely separated from India-related work, must not source raw materials from either country, and must not deploy personnel who have previously worked in China or Pakistan for the project. Companies from countries sharing a land border with India must also be registered with the Department for Promotion of Industry and Internal Trade (DPIIT) Registration Committee to be eligible.
Eligible bidders must have at least three years of experience supplying polymer substrates with security features to a central bank or banknote printing organisation and must be capable of supplying at least 20,400 reams, or 30 per cent of the indicative requirement, ANI reported. Applicants are also required to submit polymer sheet samples for laboratory testing, along with certifications that the material is free of animal tallow and DNA content.
The RBI has not officially announced the denominations for the pilot project. However, RBI Governor Sanjay Malhotra had said after the June monetary policy meeting that a proposal on polymer banknotes was under consideration and that the central bank was examining the advantages and feasibility before taking a final decision, the Indian Express reported.
Polymer banknotes, first introduced by Australia in 1988, are now used in more than 50 countries. They are considered more durable, more resistant to counterfeiting and have a longer lifespan than conventional paper currency, potentially reducing long-term printing costs and environmental impact.
